Operator

Good morning, everyone, and welcome to Element Fleet Management's First Quarter 2026 Financial and Operating Results Conference Call.

You are reminded that this call is being recorded. [Operator Instructions]

Element wishes to caution listeners that today's information contains forward-looking statements. The assumptions on which they are based and the material risks and uncertainties that could cause them to differ are outlined in the company's year-end and most recent MD&A and AIF.

Although management believes that the expectations expressed in the statements are reasonable, actual results could differ materially. The company also reminds listeners that today's call references certain non-GAAP and supplemental financial measures. Management measures performance on a reported and adjusted basis and considers both to be useful in providing readers with a better understanding of how it assesses results. A reconciliation of these non-GAAP financial measures to IFRS measures can be found in the company's most recent MD&A.

I would now like to turn the call over to Laura Dottori-Attanasio, Chief Executive Officer. Welcome. The floor is yours.

Laura Dottori-Attanasio
CEO, President & Director

Good morning, and thank you for joining us. I'm pleased to report Element delivered a strong start to 2026, building on the record performance we achieved in 2025. In the first quarter, we generated record net revenue of $324 million, up 17% year-over-year, and we delivered record adjusted